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Some far-sighted Americans are so convinced of the potential of this policy that they are investing a huge amount of money to construct its core complex and even help guide its proper direction. One of these people is Pietro A. Doran, in charge of Gale International Korea, an affiliate of Gale Company, a New York-based real estate developer, which is the master planner of New Songdo City. Due to their optimistic read on IFEZ's prospects, Gale decided to invest $12.7 billion through multinational consortiums to build this international business complex with POSCO, one of the largest steel makers in the world, with the financial support of Morgan Stanley, ABN Amro and Woori Bank of Korea.
Mr. Doran's profound knowledge of Korea and the Northeast Asian region shows that Gale Company has done its homework. Mr. Doran is convinced that North Korea will be in favor of the program's success due to the proximity of the Gaeseong Industrial Complex. In addition to his positive outlook on inter-Korean relations, Mr. Doran sees the Yellow Sea (West Sea) economic basin as an important factor in the success of the FEZ. "The Yellow Sea has 15 cities with a million people or more, and there are about 200 million people within a short distance of the coast of our economic 'lake,'" noted Mr. Doran. He added that Incheon could serve as an excellent transshipment point, where large cargoes bound for those 15 cities could be broken down.
Finally, Mr. Doran pointed out some misconceptions prevailing about New Songdo City.
He feels the inhabitants will be primarily Korean but the idea is not just to bring foreign investors into the country, but to enhance Korean, business in reaching out to the world. hey will be proud Koreans, but proud to live in this very cosmopolitan city; that in its very beginning was designed to be integrated with the world community,he added. In regards to competition with world-class hubs such as Singapore and Hong Kong, Mr. Doran says the point is that each can be the hub of its respective region.
